Over the past few years, the financial results of toll road giant Transurban have acted as a barometer of the health of Australia’s pandemic-hit cities. The group’s 2022 numbers, and its guidance for 2023, suggest we are moving into a new phase.

While average daily traffic was down 0.5 per cent across the group in the year ended June 30, traffic accelerated in the June quarter to eclipse pre-pandemic levels to hit a record for Transurban of 2.4 million trips a day.